Accepted Use of Funds Sample Clauses

Accepted Use of Funds. (a) The Accepted Use of the Funds for each type of Funding is specified in the relevant Funding Schedule. (b) Where the Accepted Use requires You to hold, apply or otherwise use the Funds for a particular use, any failure to hold, apply, or otherwise use the Funds exclusively for that Accepted Use will be a breach of the Service Agreement. (c) Despite anything in the Service Agreement, Funding may only be expended by You by providing Funding directly to a Service for the Queensland Kindergarten Funding in accordance with the Service Agreement, unless otherwise approved in writing by Us. In no circumstances are You permitted to provide any Funding to any of Your Related Bodies Corporate unless otherwise approved in writing by Us. (d) We may, acting reasonably, determine whether the use of Funds is consistent with an Accepted Use of Funds. Use of Funds that is not, in our determination, an Accepted Use of Funds will be a breach of the Service Agreement. (e) If the Accepted Use is, or includes, purchasing Funded Assets, or if Funded Assets are purchased as permitted by that Accepted Use, whether purchased by You or at a service-level, You must: (i) either purchase, or use reasonable measures to ensure the Service purchases, the specified Funded Asset, or Funded Asset which is consistent with the Funded Purpose and Accepted Use; (ii) be the legal owner of those Funded Assets at all times; (iii) not grant any encumbrance or security over those Funded Assets; (iv) keep, and if requested by Us, provide evidence of the purchase, including receipts; (v) if requested by Us, provide written confirmation of how the purchase of any Funded Asset complies with a Funded Purpose and Accepted Use as specified in that Funding Schedule; and (vi) effect and maintain insurance covering the Funded Asset for its full replacement value. (f) The requirement to comply with the Accepted Use of Funds survives termination of the Service Agreement. For the avoidance of doubt, any Funds provided to You by Us that are not used or applied during the term of the Service Agreement must be used or applied for an Accepted Use, even after termination or expiration of the Service Agreement.
Sample 1
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Accepted Use of Funds. (a) In order to comply with the requirement to use the Funds for the Funded Purpose, You must apply or use all of the Funds for an Accepted Use: Base Subsidy A minimum of 80% of the Base Subsidy must be applied to: • improved entitlements for the Early Childhood Teacher and up to two diploma or higher qualified educators delivering the Approved Kindergarten Program, including: o additional pay on top of their Early Childhood Teacher award wage; o lump sum bonus paid directly to the Early Childhood Teacher; o additional paid annual leave for the Early Childhood Teacher; o payment of additional programming hours or non-contact times for the Early Childhood Teacher (in addition to award entitlements for the Early Childhood Teacher such as lunch break or programming time); o professional development (delivered by an accredited training organisation that does not have the same ABN as the Approved Provider) for the Early Childhood Teacher specifically to assist them in delivering an Approved Kindergarten Program; and o learning resources for the Early Childhood Teacher to enhance the delivery of an Approved Kindergarten Program to Eligible Children.A maximum of 20% of the Base Subsidy can only be spent on: • quality and age-appropriate resources available exclusively for the Eligible Children; andproviding extracurricular kindergarten activities provided that all Eligible Child undertake the activity, the Early Childhood Teacher is present and participating, and the Early Childhood Teacher includes the activity as part of their curriculum, with no cost to the families of Eligible Children, or as set out in the Funding Essentials from time to timeFor the avoidance of doubt, the following use of Funds is not an Accepted Use of Funds: • general items used in the operation or business of the LDC Service, such as: o Early Childhood Teacher award wages; o educator or support staff wages; o administration costs; o renovations, maintenance and utilities (for example rates, water and electricity); o furniture; o general good and groceries; o cleaning or hygiene products; o fixed structures for the service such as play forts, swings and slides; o service software programs and memberships; and o capital expenditure and/or improvements. • Distribution of the Base Subsidy across services is not permitted under this Agreement. Gap Fee Subsidy The Gap Fee Subsidy Funds must be wholly applied to offset the cost of the kindergarten fees paid by the family of the Eligible Child, ...
Sample 1
Accepted Use of Funds. (a) In order to comply with the requirement to use the Funds for the Funded Purpose, You must apply or use all of the Funds for an Accepted Use. (b) The Accepted Use of the Inclusion Ready Grant is as follows: (i) Diploma qualified educators exclusively for the delivery of the Approved Kindergarten Program (e.g. time release/backfill for the ECT to connect with external organisations consistent with the Funded Purpose); (ii) programs for the Approved Kindergarten Program and Eligible Children only (e.g. breakfast club);
Sample 1

Related to Accepted Use of Funds

  • Use of Funds Grantee shall expend funds under this Grant Agreement only for approved services and for reasonable and allowable expenses directly related to those services.

  • Background; Use of Funds; Definitions This Note constitutes the consideration payable to the Lender for the Series Gallery Drop 049 Asset (the “Series Asset”) pursuant to the Purchase and Sale Agreement relating to the Series Asset that was entered into between the Company and the Lender on or about the date hereof. As used in this Note, the following terms shall have the following meanings:

  • Allocation and Use of Funds All allocations and use of funds under this Grant shall be in accordance with the applicable federal Notice of Funding Opportunity (NOFO) for the Federal Grant Title specified on this Grant.

  • Release of Funds On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations, subject to the provisions of Sections 2.13 and 2.14, shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them; Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings and (b) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; and Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. Subject to Section 2.03(c) and Section 2.13, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

  • Limitation of Funds In no case shall the Government’s financial liability exceed the amount obligated under this Agreement.

  • Use of Funding 4.1 Unless otherwise provided in this Schedule B, the HSP shall use all Funding allocated for a particular Envelope only for the use or uses set out in the Applicable Policy.

  • Source of Funds Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: (a) the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or (b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or (c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or (d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or (f) the Source is a governmental plan; or (g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or (h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA.

  • Retention of Funds Consultant hereby authorizes City to deduct from any amount payable to Consultant (whether or not arising out of this Agreement) (i) any amounts the payment of which may be in dispute hereunder or which are necessary to compensate City for any losses, costs, liabilities, or damages suffered by City, and (ii) all amounts for which City may be liable to third parties, by reason of Consultant’s acts or omissions in performing or failing to perform Consultant’s obligation under this Agreement. In the event that any claim is made by a third party, the amount or validity of which is disputed by Consultant, or any indebtedness shall exist which shall appear to be the basis for a claim of lien, City may withhold from any payment due, without liability for interest because of such withholding, an amount sufficient to cover such claim. The failure of City to exercise such right to deduct or to withhold shall not, however, affect the obligations of the Consultant to insure, indemnify, and protect City as elsewhere provided herein.

  • Provision of Funds (a) GMAC agrees to contribute and deposit in the Certificate Account on behalf of Residential Funding (or otherwise provide to Residential Funding, or to cause to be made available to Residential Funding), either directly or through a subsidiary, in any case prior to the related Distribution Date, such moneys as may be required by Residential Funding to perform its Subordinate Certificate Loss Obligation when and as the same arises from time to time upon the demand of the Trustee in accordance with Section 13.01 of the Servicing Agreement. (b) The agreement set forth in the preceding clause (a) shall be absolute, irrevocable and unconditional and shall not be affected by the transfer by GMAC or any other person of all or any part of its or their interest in Residential Funding, by any insolvency, bankruptcy, dissolution or other proceeding affecting Residential Funding or any other person, by any defense or right of counterclaim, set-off or recoupment that GMAC may have against Residential Funding or any other person or by any other fact or circumstance. Notwithstanding the foregoing, GMAC's obligations under clause (a) shall terminate upon the earlier of (x) substitution for this Limited Guaranty pursuant to Section 13.01(f) of the Servicing Agreement, or (y) the termination of the Trust Fund pursuant to the Servicing Agreement.

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